Genetic Testing Market size to surpass $43Bn by 2032

Genetic Testing Market size is expected to exceed USD 43 billion by 2032, as per a new research report announced by Global Market Insights Inc.
 

Rapid advancement in DNA technology will drive the usage of diagnostic genetic testing methods. DNA analysis has undergone considerable advancements, with innovative techniques being designed to enhance speed and accuracy. PCR and recombinant DNA tech development, for example, has greatly improved individual gene analysis. The growing awareness of birth defects as a major health burden will therefore boost the reliance on sensitive DNA sequencing methods for prenatal genetic testing. However, the lack of skilled professionals and advanced infrastructure may limit test adoption, especially in remote areas.
 

High healthcare expenditure & inherited disease knowledge to fuel genetic diagnostic test demand

Genetic testing market from the diagnostic testing segment to grow at a 9% CAGR by 2032, considering the rising incidence of chronic and genetic disorders. Government agencies including the WHO have revealed that the prevalence of sickle cell anemia, hemophilia, thalassemia, cystic fibrosis, and other inherited diseases is increasing at a rapid pace worldwide. The high awareness of the risk factors of these conditions, alongside a sharp rise in healthcare spending, will thus accelerate the adoption of genetic diagnostic tests.
 

Browse key industry insights spread across 180 pages with 264 market data tables & 16 figures & charts from the report, “Genetic Testing Market Size By Test (Predictive Testing, Carrier Testing, Prenatal and Newborn Testing, Diagnostic Testing, Pharmacogenomic Testing, Nutrigenomic Testing), By Application (Cancer, Genetic Disease, Cardiovascular Disease), By Technology (Cytogenetic Testing, Biochemical Testing, Molecular Testing), Industry Analysis Report, Country Outlook, Growth Potential, Application Potential, Competitive Market Share & Forecast, 2023-2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/genetic-testing-market
 

Rising number of CRC patients expedites test device usage for genetic disease diagnosis

The genetic diseases applications segment held over 25% share of the genetic testing market in 2022, on account of the escalating number of patients with inherited health conditions. As per statistics from the American Cancer Society, the lifetime risk of developing CRC (colorectal cancer) is nearly 1 in 26 women and 1 in 23 men. Over the years, newborns are also being associated with high mortality rates. The burden of sickle cell anemia, thalassemia, and other such hereditary diseases will spur genetic test device production.
 

Biochemical analytical method advancement will hasten genetic test equipment development

Genetic testing market from the biochemical technology segment to hit USD 7 billion by 2032, owing to rapid technological innovation. A range of technologies allows both quantitative determination and qualitative detection of metabolites such as gas chromatography and high-performance liquid chromatography. Several biochemical genetic diseases are referred to as inborn errors of metabolism, as they are present at birth and can disrupt a key metabolic pathway. Furthermore, the advancement in bioassays and other analytical methods will augment the reliance on biochemical genetic testing.
 

APAC to emerge as a key destination for genetic test developers due to chronic disease prevention initiatives

Asia Pacific genetic testing market value will register more than 11% CAGR by 2032, as a result of the introduction of supportive government initiatives to limit chronic disease burden. With the increasing elderly population, health screening uptake is also anticipated to surge, the report claims. Likewise, the growing income level and the rise in healthcare expenditure will further influence the general population to undertake at-home genetic testing across the APAC region.
 

Business expansion strategies to influence competitive industry outlook

Siemens Healthineers AG, Roche Diagnostics, Qiagen, Natera, Inc., Myriad Genetics, Inc., Luminex Corporation, Invitae Corporation, Illumina, Inc., deCODE Genetics (Amgen), Cepheid (Danaher Corporation), bioMérieux SA, Biocartis Group NV, 23andMe, Inc., and Abbott Laboratories are some of the key players profiled in the market.